Looking for sure like it was to plunge below $80,000 earlier in the session, bitcoin BTC$82,421.25 gained ground in late afternoon action, trading at $81,800 as stocks closed.
FUD about the future of cryptography, surging interest rates, the coming anniversary of last year’s flash crash, and AI-related jitters hitting tech stocks combined to create selling pressure on Thursday.
By session’s end, though, cooler heads weighed in on the cryptography issue, interest rates reversed lower, and the tech sector bounced as well — all helping bitcoin narrow its loss to just 2% over the past 24 hours.
The unrelenting bond bear market may be due for at least a temporary break after publication of this week’s The Economist.
The cover story: “Will bonds blow up?”
The Magazine Cover Indicator holds that when a well-known story finally reaches the cover of a major business publication, it’s time for a turn in the market.
Perhaps the most famous somewhat recent example was BusinessWeek’s “Death of Equities” cover published in 1979 after a string of rough years for the stock market. It didn’t mark the exact bottom, but a two-decade bull market followed.
The FT earlier reported the AI giant as recently telling investors that annualized revenues were nearing $50 billion, which would be well shy of earlier reports of closer to $70 billion.
There is some nuance to the figures, the FT continued, noting that — unlike rival Anthropic — OpenAI does not include revenue from sales of cloud partners like Amazon Web Services or Google Cloud.
Indeed, CNBC, citing a source familiar with the matter, said that the earlier $70 billion figure did include those revenue-sharing deals, and that the $50 billion reported by the FT excludes those sales.
The story comes as OpenAI — for now, apparently putting off an IPO — is reportedly in talks with investors about a new funding round at a roughly $1.4 trillion valuation.
The Nasdaq is lower by 1.3%, with familiar AI-related names like Micron, Broadcom, and Nvidia lower by 3%-5%.
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